Dangote advised the FG to start thinking like countries who are “putting oil proceeds into a future fund through their national wealth funds”
By Kehinde Okeowo
The President of Dangote Group, Aliko Dangote on Wednesday urged the President Bola Tinubu-led federal government to end all crude oil for loan deals.
He gave the advice at the ongoing Crude Oil Refinery-owners Association of Nigeria Summit in Lagos, through his representative and Executive Director of Dangote Group, Engr Mansur Ahmed.
According to the business mogul and Africa’s richest man, Nigeria must refrain from mortgaging its future wealth through crude-for-loan deals.
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He added that the FG must start thinking like countries who are “putting oil proceeds into a future fund through their national wealth funds”.
Speaking at the event, Dangote said, “To ensure sufficient feedstock availability, we will need to stop mortgaging crude. It is unfortunate that while countries like Norway are putting oil proceeds into a future fund through their national wealth funds, in Africa, we are spending oil proceeds from the future today.”
In June 2024, African Export-Import Bank, Afreximbank disbursed a total of $3,175 billion to the Nigerian government, of a $3.3 billion crude-for-loan syndicated facility through the Nigerian National Petroleum Company Limited (NNPCL).
